City News: Shell, Mountain Warehouse, Jaguar and Theo Paphitis

SHELL’S £35billion takeover bid for FTSE 100 rival BG Group has been backed by a key adviser.

Standard Life investor in Shell said it would vote against the 'value destructive' deal

As investors in both companies prepare to vote on it later this month, Institutional Shareholder Services said Shell is paying a “reasonable” price.

ISS said: “The global price for oil today may be of very little value in assessing the strategic opportunity of a transaction whose benefits will be realised over decades. Given the significant positive economics to be realised within a relatively short time frame, support for the transaction is warranted.”

But Standard Life, a 1.7% investor in Shell, said it would vote against the “value destructive” deal.

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Mountain high for festive trading

MOUNTAIN Warehouse scaled new peaks for festive trading after a successful push into the Chinese market and bumper UK high street sales.

The privately-owned outdoor retailer, with 228 outlets, lifted like-for-like sales 14.7% in the six weeks to January.

Overall takings were up 28.6% as it continued its expansion, while online business jumped 49.2%.

International sales soared by 92% and now make up a fifth of total sales, boosted by new stores in Poland and Germany and the launch of direct sales into China through internet retailer Alibaba. It recently launched women’s sportswear brand Zakti.

Chief executive Mark Neale hailed an “outstanding” period.

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GETTY

The luxury car maker sold 487,065 vehicles last year

Luxury cars vroom boom

JAGUAR Land Rover clocked up record annual sales as the strong demand from the UK, Europe and North America more than offset a big reverse in China.

The luxury car maker, owned by India’s Tata Motors, sold 487,065 vehicles last year, up 5% and more than double that for 2009.

Europe was the biggest market with 110,298 sales, up 28%.

North American sales jumped 25%. China sales fell by 24%.

Land Rover sales accelerated 6% to over 400,000 for the first time, while Jaguar enjoyed its strongest annual performance in a decade posting a 3% rise to 83,986.

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GETTY

Theo Paphitis has pledged to step up investment to meet growing demand for online shopping